Isoprene rubber latex Market size will exceed $320 million by 2026
Published Date: April 30, 2020 Authors: Kiran Pulidindi, Soumalya Chakraborty
According to a new research report by Global Market Insights, Inc., the Isoprene rubber latex Market size will exceed USD 320 million by 2026. Stringent safety measures to help prevent cross-contamination during medical procedures in healthcare industry will augment IR Latex demand in the coming years.
Rising Healthcare industry will result in an increased demand of isoprene rubber latex
The global healthcare spending, which has been increasing by 1.3% annually from 2012 to 2016 is expected to further increase by an annual rate of more than 4% during the forecast period. Increasing global population coupled with rising awareness among people especially in developing nations about the benefits of using contraceptives will surge the demand for latex based condoms in coming years.
Isoprene rubber latex is a versatile material that is ideal for producing thin-walled products that possess elasticity and strength. It is free from impurities that can cause discoloration, odor, and allergies.
A rise in the demand for condoms will subsequently increase the demand for isoprene rubber latex, as more than 60% of the condoms are latex based. The global condom business is anticipated to grow at a significant CAGR of more than 7% and reach a net worth of about USD 11 billion during the forecast timeframe. They are mainly composed of latex rubber, which is best known for its strength and elasticity.
Comprehensive sex education programs along with rising awareness against STDs and HIV have increased the utilization rate of contraceptives. These factors will significantly boost isoprene rubber latex market demand. Rising number of contagious diseases such as Ebola, Zika, COVID-19 across the globe has surged healthcare equipment demand, therefore supplementing medical gloves market.
Moreover, government initiatives to promote health, sanitation, and physical wellbeing will substantially propel product demand. However, on the other hand high raw material cost and presence of substitutes in glove manufacturing such as nitrile, vinyl, neoprene, polyethylene etc. might hinder the isoprene rubber latex market growth during the forecast period.
Browse key industry insights spread across 170 pages with 170 market data tables & 24 figures & charts from the report, “Isoprene Rubber (IR) Latex Market By Application (Medical Gloves, Medical Balloons & Catheters, Condoms, Adhesives), By End-user Industry (Medical, Consumer Goods, Industrial), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Medical balloons and catheters to attain a high growth
Medical balloons and catheters will hold a revenue share of over USD 6.2 million of the overall isoprene rubber latex market in 2026. Balloons and catheters are used in the medical sector for a broad range of applications. Low-pressure, elastomeric medical balloons made of latex are used primarily in fixation, occlusion, and sealing.
Balloon catheters are largely utilized in therapeutic procedures and minimally invasive diagnostic, including opening blockages, dilating vessels, delivering stents, etc. They are also used for applications including renal denervation, cryoablation, balloon sinuplasty, drug delivery, stent delivery, and many more.
Developments in the healthcare industry has led to increased usage of these products. With improving medical facilities in developing countries and more people having access to quality healthcare services, the usage of IR latex for manufacturing medical balloons and catheters is likely to increase the isoprene rubber latex market share in the forecast period.
Rise in Public Health Awareness will generate promising revenue growth in medical Industry
Medical industry is the largest end-user for IR latex-based products with a revenue share of over 80% of the overall Isoprene rubber latex market. Some of the products used in the medical sector fabricated using IR latex includes surgical gloves, examination gloves, balloon catheters, needle shields, stoppers, etc. The demand for medical gloves has been rising at a faster rate in order to prevent the spread of communicable diseases. This will create favorable outcomes for IR latex in medical sector’s during the forecast period.
Impact of COVID-19 will supplement isoprene rubber latex market
Rising toll of COVID-19 pandemic across the globe has spiked the demand for medical protective equipment since they aid in effective management of emergencies. North America is the among the largest consumers of medical gloves in the world with the U.S. alone accounting for around 40% of the global demand for surgical gloves. However, most of these medical gloves are manufactured in Asia Pacific and then exported across the countries.
Furthermore, the U.S. is one of the largest manufacturers of condoms in the world driven by a high domestic demand. This will escalate IR latex demand in manufacturing gloves and condoms in the North American region and will drive the isoprene rubber latex market growth during the forecast timeframe.
Strategic collaborations to upsurge production capacity will facilitate global market
Eminent players in the isoprene rubber latex industry are strategically investing in developing nations to gain a competitive edge and expand their product line. For instance, in July 2017, JSR corporation established a subsidiary JSR elastomers in India, which would boost its sales revenue and enable them to localize sales and marketing activities that will eventually help them fortify customers.